All Forum Posts by: Brad Larsen

@Joel Schiffer  There are a lot of proven techniques that landlords have used to find renters.  These would include all of the above.  The thing to be cautious about is the screening.  

Homes are still renting just fine in the San Antonio region.  It comes down to simple population growth.  As I was doing some annual analysis this morning of the 6 largest San Antonio Property Management companies (mine was one of them) - I found that the average Days on Market to Rent a home ranged from 21 days to 48 days....taking a poll of the last 12 months, for 6 property management companies, over 1700 rented units.  

Point being - the market is very healthy and if you price the home right and provide enough advertising - you will get applicants.  That's where the work begins.

Good luck out there!

@Alex Ajdari  Check out an article I wrote about choosing a property manager.  It should help to a certain extent.  The numbers / market will all be about deeper into a conversation that could happen here as it relies on your goals and exit plans.

Here is the article:  https://www.biggerpockets.com/forums/52/topics/385...

Good luck out there! 

@Brian Hester  Check us out if you get an opportunity.  Take care!

@Account Closed  Would recommend going with SGI in Phoenix.  

Also - check out my post regarding this subject:  https://www.biggerpockets.com/forums/52/topics/385...

Good luck out there!

A gent nailed it above - Buildium is good for start ups and small numbers.  Once you get to where costs are near equal - go to Appfolio.  If cost is not a big deal - go with Appfolio.  My company switched from Propertyware to Appfolio.....very painful.  We like the Appfolio platform and it's very easy to use.  Essentially, they all suck in some capacity.  You just have to choose the one that sucks the least.  

Choose the right software one time and stick with it.  

Good luck out there!

@Greg Anderson  Saw this post and thought you could gain from my recommendations.

Go here:  https://www.biggerpockets.com/forums/52/topics/385...

I posted that on a BP forum and it may help you out.  

Good luck out there!

@Peter Darby  Hire a PM company.  Refer to my post on what to look for:  

https://www.biggerpockets.com/forums/52/topics/385...

Hopefully that is the right way to get you there with this link above. 

Good luck!

We have seen both sides of the issue on charging late fees.  One side is a revenue generator, the other side is a deterrent to bad behavior.  

My advice is to charge the highest, toughest fee you can charge in your state within reason and DO NOT DEVIATE.  

Federal Fair Housing laws say Landlord's must have written policies in place for rental properties. (Example - a lease agreement).  If the Fair Housing office were to find out you were "waiving" late fees here, or giving concessions there - they will assume you are discriminating and dig deeper.  

Go with the type of fees that hurt to discourage the bad behavior and adopt a zero tolerance attitude in rent collection. 

Use the "4 corner rule" - meaning - refer to the lease.  If it's a TAR lease agreement go to paragraph 28 and reference that section.  As a property management company owner / broker (and former Army officer) - I know the laws on both sides.  

The early termination clause for military only applies for PCS or TDY + 90 day orders.  You have seen this before and should be no surprise. 

For buying a house in the local area - go with what Para 28 says and DO NOT DEVIATE.  

Why?  Federal Fair Housing laws say that you can not discriminate against certain classes.  The flip side of that is showing favorites to a class of people.  Stick to the lease.

Want a better example?  Offering a military discount on a rental home is a violation of Federal Fair Housing Laws.  You are showing favortism to a certain class of people.  Sounds rough, but it's true as we have had the experts from the Fair Housing Offices tell us this as that is how they interpret the laws.  If you stick by the lease agreement as written, you will keep you and your property manger out of hot water.  

The tenants may not like it - but they should have considered that when buying a home.  Have them go squeeze the seller for concessions to offset their lease breaking fees.  

Good luck out there!

As a management company owner - and an Iowa boy born and raised - I would recommend starting your own company, or buying an existing company.  Find a business broker - work out the numbers for your market.  A good rule of thumb nationwide is 1.5 to max 2 times company revenue.  Also, look through the revenue with a fine tooth comb.  Commissions and maintenance could be taken out so you are just looking at the true annual contract value (ACV) of the management side only.  

Do not buy into a franchise.  The capital it takes would be better served to buy an existing 100 unit management company.  If you have 25k to buy into a franchise - buy an existing management company's 100 homes and get terms.  

I would also recommend you join NARPM.  Go to the events, tell folks you are looking to "PARTNER" with them.  When you say "buy" or "acquire" - it scares people away. 

If interested in learning more - hit me up off line.  

Good luck out there!